1) Define Business Concept a) Is a distinctive aspect, quality, or characteristic of a product or service. b) Is a brief recounting of the key points contained in a business plan. c) Is a document that describes a new business and a strategy to launch that business. d) Is a clear ad concise description of an opportunity. 2) Define Feature a) Is a brief recounting of the key points contained in a business plan. b) Is a distinctive aspect, quality, or characteristic of a product or service. c) Is something that promotes or enhances the value of the product or service to the customers. d) Is a clear and concise description of an opportunity. 3) What does a Benefit means? a) Is something that promotes or enhances the value of the product or service to the customers. b) Is a clear and concise description of an opportunity. c) Expresses the specific aspirations of a company, the major goals for which it will strive. d) Is a distinctive aspect, quality, or characteristic of a product or service. 4) What is a Feasibility Analysis? a) Is the process used to test a business concept it can help an entrepreneur decide whether a new business concept has potential. b) Is a distinctive aspect, quality, or characteristic of a product or service. c) Establishes the scope and purpose of a company and reflects its value and beliefs. d) Is a clear and concise description of an opportunity. 5) Define Industry a) Is a brief recounting of the key points contained in a business plan. b) Is something that promotes or enhances the value of the product or service to the customers. c) Is a group of businesses with a common interest, such as telecommunications, computers, retail, and grocery. d) Is a clear and concise description of an opportunity. 6) Who Are Target Customers? a) The type of person that a company wants to sell its products or services to. b) Is a group of businesses with a common interest, such as telecommunications, computers, retail, and grocery. c) Is a distinctive aspect, quality, or characteristic of a product or service. d) Establishes the scope and purpose of a company and reflects its value and beliefs. 7) What Is A Competitive Grid? a) Expresses the specific aspirations of a company, the major goals for which it will strive. b) Is a distinctive aspect, quality, or characteristic of a product or service. c) Is the means by which you deliver the product or service to the customer. d) Is a tool for organizing important information about the competition. 8) Define Prototype a) Is a tool for organizing important information about the competition. b) is an early sample, model, or release of a product built to test a concept or process. c) Is a group of businesses with a common interest, such as telecommunications, computers, retail, and grocery. d) Is the distribution channel through which your product or service flows from the producer to the customers. 9) Describe A Business Model a) how you intend to make money with your business concept. b) Is something that promotes or enhances the value of the product or service to the customers. c) Is a federal agency that provides services to small businesses and new entrepreneurs. d) Is the means by which you deliver the product or service to the customer. 10) Define Value Chain a) Is a brief recounting of the key points contained in a business plan. b) Expresses the specific aspirations of a company, the major goals for which it will strive. c) Is a tool for organizing important information about the competition. d) Is the distribution channel through which your product or service flows from the producer to the customers. 11) Define A Business Plan a) Is a clear and concise description of an opportunity. b) Is a document that describes a new business and a strategy to launch that business. c) Is a distinctive aspect, quality, or characteristic of a product or service. d) Is a group of businesses with a common interest, such as telecommunications, computers, retail, and grocery. 12) What Is A Executive Summary a) Is a brief recounting of the key points contained in a business plan. b) Is the means by which you deliver the product or service to the customer. c) Is something that promotes or enhances the value of the product or service to the customers. d) Establishes the scope and purpose of a company and reflects its value and beliefs. 13) What Is a Vision Statement? a) Is a brief recounting of the key points contained in a business plan. b) Expresses the specific aspirations of a company, the major goals for which it will strive. c) Establishes the scope and purpose of a company and reflects its value and beliefs. d) Is the process used to test a business concept it can help an entrepreneur decide whether a new business concept has potential. 14) What Is A Mission Statement? a) Is the process used to test a business concept it can help an entrepreneur decide whether a new business concept has potential. b) Is a distinctive aspect, quality, or characteristic of a product or service. c) The type of person that a company wants to sell its products or services to. d) Expresses the specific aspirations of a company, the major goals for which it will strive. 15) What Is The Meaning Of A Distribution Channel a) You will deliver the service directly to the customer;(if you are building web sites) b) Is the means by which you deliver the product or service to the customer. c) You will sell your game to a wholesaler;(if you are manufacturing a computer) d) Is something that promotes or enhances the value of the product or service to the customers. 16) How Will You Deliver A Direct Channel? a) Is the process used to test a business concept it can help an entrepreneur decide whether a new business concept has potential. b) You will sell the product to a wholesaler;(if you are manufacturing a computer) c) You will deliver the service directly to the customer;(if you are building web sites) d) Is the means by which you deliver the product or service to the customer. 17) How Will You Deliver A Indirect Channel? a) You will sell the product to a wholesaler;(if you are manufacturing a computer) b) You will deliver the service directly to the customer;(if you are building web sites) c) Is the means by which you deliver the product or service to the customer. d) Describe how you intend to make money with your business concept. 18) Define The Small Business Administration (SBA) a) Is a group of businesses with a common interest, such as telecommunications, computers, retail, and grocery. b) Is a federal agency that provides services to small businesses and new entrepreneurs. c) Is a distinctive aspect, quality, or characteristic of a product or service. d) Is a tool for organizing important information about the competition. 19) What Is A Trade Association? a) Establishes the scope and purpose of a company and reflects its value and beliefs. b) The type of person that a company wants to sell its products or services to. c) Is the means by which you deliver the product or service to the customer. d) Offering technical and general assistance to entrepreneurs is a specific profession or industry.

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